Wax Additive Market Forecast and CAGR
As per the recent research by Fact.MR, wax additive market is anticipated to witness steady growth at 4% CAGR during 2021-2031. Demand for these additives will witness impactful recovery in the short term, with an optimistic growth outlook in the long run.
The market is expected to observe significant development over the forecast period attributable to the diversified use of the item in applications like coatings, printing, and rubber processing. Different products, like leather, textile, and cosmetics, show the product’s consumption as an ingredient in their manufacturing processes. Expanding interest for wax additives inferable from their predominant properties, like great water repellency, non-toxicity, and exceptional chemical resistance is relied upon to direct the market development over the forecast period.
What is Driving Demand for Wax Additive?
The demand for wax additives arises from multiple sectors such as the construction and automotive industry. Its anti-block property makes it important for items that are coated, dried, and immediately stacked, rolled up for shipment or storage. Its slip property makes it essential for inks, primers and OPV's, foil coatings, paper, film, and metal coatings.
The construction industry drives the demand for the product as it is used as floor polish, architectural coatings and even for wood coatings owing to its water-resistance characteristic.
The demand for wax additives, especially from modern car interiors in the automobile industry is on the rise. Coatings with a soft feeling are applied on plastic substrates such as instrument panels and door handle to convey a "leather-like touch", and give a feeling of luxury.
Owing to the aforementioned factors, the market is poised to grow at a healthy CAGR over the forecast period of 2021-2031.
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Covid-19 Impact on Global Wax Additive Market
Owing to the disruption in the supply chain, practically all industrial facilities throughout the world have had to shut down due to the pandemic, which has prohibited the procurement of raw materials essential for the production of wax additives. Because most construction sites where it was utilised as a floor polish or metal cover were shut down, demand for the product fell. During the pandemic, production in the automobile industry came to a halt, and as a result, demand for products in this area plummeted as well.
However, since government officials began taking steps to stop the virus from spreading, the situation has improved. As operations around the world regained pace in the second quarter of 2021, demand for the product gradually improved.
The Asia Pacific Wax Additive Market Geographical Outlook
Asia Pacific region is expected to show a higher demand growth rate for wax additives due to the existence of numerous end-use manufacturers and consumers in the region. Increased operation of automotive, construction, and aerospace industries are expected to drive up the demand for the product.
The demand for a large and diverse number of automotive parts and components, such as bodies, interiors, chassis, exteriors, powertrains, seating, electronics, mirrors, roof systems, closures, and modules, is growing with the rising electric vehicle production in countries like China, Korea, and India, where wax additives are used as a coating to give them a luxurious finish.
Additionally, the steady growth of plastic compounds bottle producers, packaging material formulators, and automobile component manufacturers is expected to drive up the demand in the Asia Pacific region.
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North America Wax Additive Market Geographical Outlook
The USA in North America has a large share in this market mainly due to the rising demand from the growing plastic industry in this region. The demand for plastics has expanded at an exponential rate as it is used in a wide range of applications, including electronics, textiles, vehicles, and construction and the United States has remained a prominent country for the manufacturers.
Thus, the application scope for wax additives has been rising in this region for the past decade. Moreover, with the increasing demand for this product from industries, such as printing inks and rubbers, the market is projected to show significant growth over the forecast period.
Who are the Key Manufacturers of the Wax Additive Market?
Some of the leading manufacturers include
- Goyel Chemical Corporation
- Völpker Spezialprodukte GmbH
- K-Tech (India) Limited
The market for wax additives is fragmented and the key players in this market are Tianshi, Lubrizol, and Honeywell, accounting for the majority of the market share in terms of revenue generated. These key players focus on research & development, product innovation, and newer application possibilities to gain a competitive advantage.
The key players compete against each other over the feel, appearance, abrasion resistance, slip, and overall durability of coatings of these additives that are available in different forms to suit diverse manufacturing requirements.
An Adaptive Approach to Modern-day Research Needs
Wax Additive Market Report Highlights:
- Detailed overview of parent market
- Changing market dynamics in the industry
- In-depth market segmentation
- Historical, current and projected market size in terms of volume and value
- Recent industry trends and developments
- Competitive landscape
- Strategies of key players and products offered
- Potential and niche segments, geographical regions exhibiting promising growth
- A neutral perspective on market performance
- Must-have information for market players to sustain and enhance their market footprint
By End-Use Industry
- Printing Ink
- Leather Finishing
- Dispersed wax additives
- Aqueous Wax Additives
- Non-Aqueous Wax Additives
- Emulsified wax additives
- Micronized wax additives
- Dispersed wax additives
- Beeswax (Animal-based)
- Carnauba wax (Vegetable-based)
- Montan wax (Carbon-based)
- Paraffin wax (Oil-based)
- Amide waxes
- Modified montan waxes
- Ethylene vinyl acetate
- Ethylene acrylic acid
By Sales Channel
- Retailers & Wholesalers
- Other Distribution channels
- Direct Sales
- Third Party E-Commerce Sales
- North America
- US & Canada
- Latin America
- Brazil, Mexico, Argentina & Rest of Latin America
- Germany, France, Italy, Spain, U.K., Benelux, Russia, and Rest of Europe
- East Asia
- China, Japan, South Korea
- South Asia & Oceania
- India, Thailand, Malaysia, Indonesia, Australia & New Zealand and Rest of South Asia & Oceania
- Middle East and Africa
- GCC Countries, Turkey, South Africa, and Rest of Middle East & Africa
- North America
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
NOTE: Although care has been taken to maintain the highest levels of accuracy in reports, recent market/vendor-specific changes may take time to reflect in the analysis.
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